AIB’s decision to restrict services in 70 banks amounts to ‘an effective closure of branches’, says Shortall

The decision by AIB to remove cash services from 70 branches around the country will ‘disproportionately negatively impact people in rural Ireland and elderly people’, according to Social Democrats Finance Spokesperson Róisín Shortall.

“The decision by AIB to remove cash services from 70 branches around the country, mainly in rural Ireland, amounts to the effective closure of these branches,” the the Dublin North-West said.

“This will disproportionately negatively impact on people in rural Ireland, who will have to travel long distances for routine banking services, and elderly and vulnerable people, who are unfamiliar with online banking.

“The decision is particularly egregious as it comes in the midst of the exit of both KBC and Ulster Bank from the Irish market, when hundreds of thousands of people are attempting to find a new bank.

“This latest restriction of services from AIB begs an important question.

“Whose interests are banks there to serve? Because it is increasingly clear that those retail banks remaining in Ireland, who now enjoy a powerful monopoly, are determined to cut services to the bone.

“It is worth noting that it is not that long ago that the Irish public bailed out the banks, to the tune of €60 billion – including €20.8 billion that was injected into AIB.

“In fact, the Irish State still owns nearly 65pc of AIB, making today’s announcement even more incredulous.

“Finance Minister Paschal Donohoe must now reveal whether AIB informed him of these plans to restrict services in so many banks.

“The Minister should also reveal when the long-awaited review of the future of retail banking will be published.”